PHOENIX — The a few Alamo Drafthouse-branded film theaters in Chandler, Gilbert, and Tempe will quickly come to be Majestic Theaters immediately after the community franchise entrepreneurs and the Texas-based film theater chain have reached a settlement and agreed to portion means.
The settlement, pending a judge’s approval, will come after Craig and Kim Paschich, the franchisees who own the 3 Arizona theaters below Paschich Alamo Holdings, LLC, submitted for individual bankruptcy in early 2020, citing economical concerns exasperated by the pandemic.
They then filed a civil lawsuit in opposition to Alamo Drafthouse trying to find to finish their franchise arrangement, which Alamo Drafthouse then countersued for breach of agreement.
With cases spanning Arizona, Delaware, and Texas, equally sides have now arrived at a prospective arrangement.
“Immediately after many months of attempting to operate through an arrangement for Paschich Alamo Holdings LLC to continue running the Alamo Drafthouse model, we have mutually decided to component ways, pending courtroom approval of filings in DE and AZ,” stated Chris Drazba, with Alamo Drafthouse, in a prepared assertion.
“We hope to return to the Phoenix space once more a person working day and desire our beloved friends a fond farewell,” he reported.
All three theaters are presently open up and operating beneath the Alamo brand. The model changeover to Majestic is envisioned to commence in early September, a news release reported.
“Our precedence has usually been to develop pleasure for our guests and our staff with incredible programming, delightful foods creations, and an eclectic collection of beer and cocktails,” Craig and Kim Paschich stated in a assertion.
“So though the identify on the indicator is switching we want to guarantee our supporters, guests, pals and patrons that we continue being “Below Outdated Administration” and we are open uninterrupted throughout this transition.”
Apart from the name adjust, team, administration, and operations at the theaters would stay the same as they did ahead of, they explained.
Most big motion picture theaters — AMC, Cinemark, Harkins, and Regal — have reopened in Arizona considering the fact that condition constraints had been lifted previous calendar year.
Flix Brewhouse in downtown Chandler remains closed and the landlord has repossessed the home. It is unclear if and when that area will reopen.
Studio Motion picture Grill in Scottsdale is completely shut and Florida-dependent Touchstar Cinemas plans to open in that area.
Low cost theater Photo Present closed its theater at Paradise Valley Mall, which is becoming demolished and redeveloped, but its theaters in Mesa and Prescott are open.
Pollack Tempe Cinemas, a local price reduction theater in Tempe, shut in March 2020 and has remained closed. Prospective reopening strategies have not been introduced.